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Retro check is in!
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<blockquote data-quote="MattM" data-source="post: 4116858" data-attributes="member: 53192"><p>Sadly, so many in poverty can claim exempt, but instead keep withholdings at 0, and feel they are getting a true reward from the government when they get $2k-4K back. </p><p></p><p>80% of the PTers at my building are within the 10% tax bracket range. They got taxed at 25-30% today on their big retro checks. They will get all of that back. What they need to now do is up their allowances to 2-3, and not let the feds take anymore out for the rest of the year. </p><p></p><p>Unless you have a tricky tax situation, you should already have an idea of what you will owe. If anything, with 26 weeks left, you can add in a set amount to be withheld if that makes people more comfortable. </p><p></p><p>For the drivers getting taxed at 25%, isn’t that already within your effective tax rate?</p></blockquote><p></p>
[QUOTE="MattM, post: 4116858, member: 53192"] Sadly, so many in poverty can claim exempt, but instead keep withholdings at 0, and feel they are getting a true reward from the government when they get $2k-4K back. 80% of the PTers at my building are within the 10% tax bracket range. They got taxed at 25-30% today on their big retro checks. They will get all of that back. What they need to now do is up their allowances to 2-3, and not let the feds take anymore out for the rest of the year. Unless you have a tricky tax situation, you should already have an idea of what you will owe. If anything, with 26 weeks left, you can add in a set amount to be withheld if that makes people more comfortable. For the drivers getting taxed at 25%, isn’t that already within your effective tax rate? [/QUOTE]
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